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Question no 23 Chapter 1- Class 12 Part 2 Unimax

Question no 23 Chapter 1- Class 12 Part 2 Unimax

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Question no 23 Chapter 1- Class 12 Part 2 Unimax

Mohan Ltd. offered for public subscription 50,000 equity shares of ₹ 10 each payable as follows:

On Application₹ 5
On Allotment: ₹ 3
On First and Final Call: ₹ 2

Application were received for 75,000 shares. The directors rejected applications for 20,000 shares and allotted in full to the application for remaining shares. Pass Journal entries to record the above transactions.

The solution of Question no 23 Chapter 1- Class 12 Part 2 Unimax: –

Journal

Date  Particulars
L.F.DebitCredit
 Bank A/cDr. 3,75,000 
 To Shares Application A/c   3,75,000
 (Being application money received on 75,000 shares @ ₹ 5 per share)    
 Shares Application A/cDr. 3,75,000 
 To share capital A/c  2,50,000
 To Share allotment A/c  25,000
 To Bank A/c  1,00,000
 (Being application money transferred to capital account and balance to share allotment A/c & Bank A/c)    
 Share Allotment A/cDr. 1,50,000 
 To  shares capital A/c  1,50,000
 (Being allotment money due with premium)    
 Bank A/cDr. 1,25,000 
 To Share Allotment A/c  1,25,000
 (Being allotment money received)    
 Shares first and final A/cDr. 1,00,000 
 To Share capital A/c  1,00,000
 (Being 1st and final call money due on 50,0000 shares @ ₹ 2 per share)   
 Bank A/cDr. 1,00,000 
 To Share first and final call A/c  1,00,000
 (Being receipt of 1st & Final call money)   

End of Solution


Check Out the Solution of all questions for this chapter:

The solution to all questions of Chapter No. 1 – Company Accounts (Share Capital) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.

Question no 6 Chapter 1 – Class 12 Part 2 Unimax

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Check out all books for PSEB

1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.

2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax

UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.

Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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